333 16th Ave SSt. Petersburg, FL 33701
Salt Creek Development Site
Asset ClassLand
SB-102 Urban Infill Redevelopment Opportunity
Overview
- The subject site is roughly 3.4 acres with the ability to add an additional assemblage parcel on the SW corner which would bring the total footprint to 4.12 acres. The site offers developers the opportunity to develop a host of uses including industrial, medical, cultural, educational, marine, commercial, residential or a compatible mix of uses near downtown St. Petersburg which is one of the most dynamic urban submarkets in the Tampa Bay region if not the state of Florida
- The site is zoned ‘Institutional Center’ with a vacant industrial use and is a prime redevelopment candidate through SB-102 (Live Local Act) which will provide for a streamlined multifamily or mixed-use rezoning process. Midrise densities of 75 - 100 units per acre would be achievable and rents in downtown St. Pete are $3.00 - 3.50/psf for like-kind product
- The subject lies within the Bayboro Harbour Community Redevelopment District (CRD) which is an area of focus for the City of St. Petersburg. It is also just outside of the Activity Center special overlay district which will make a multifamily rezoning more probable through SB-102 / Live Local Act
- The site is just 3 blocks south of the new ARK Innovation Center, NOAA Fisheries Southeast Headquarters and the Poynter Institute and 8 blocks south of USF St. Petersburg, Bayfront Health hospital and Johns Hopkins All Children’s Hospital which was rated the #1 children’s hospital in Florida according to the 2024-2025 US News & World Report survey. Combined these institutions anchor more than 8,500 white-collar jobs in downtown St. Petersburg
Investment Highlights
- The site is located in the emerging Bayboro Harbour submarket just south of downtown St. Pete. It is just blocks from demand anchors including Bayfront Health and Johns Hopkins All Children’s Hospitals, USF St. Pete campus, the Poynter Institute, ARK Innovation Center, NOAA Fisheries Southeast Headquarters, the Dali Museam, The Maffaffey Theater and Duke Entergy Center for the Arts
- With numerous parks, retailers and QSR restaurants in theneighborhood, the site enjoys a walk score of 71 (Very Walkable) which means most errands can be accomplished on foot. It also boasts a bike score of 75 (Very Bikeable)
- ARK Innovation Center is just 3 blocks north of the site and officially opened in mid-2024. This 45,000 sf state-of-the-art facility is the new home of the Tampa Bay Innovation Center and is predicted to create 1,200 permanent S.T.E.M. based jobs and an overall economic impact of $127M.
- Earlier this year, St. Petersburg ranked 2nd in the U.S. in TripAdvisor’s Travelers Choice Awards for Best of the Best Destinations behind only Napa, CA.
- Impressive demographics within a 5-minute drive time including a $109K average HH income, $497K median home value and a median age of just under 43 years old. Nearly 75% of the jobs in downtown St. Pete are white-collar and the population is expected to grow 6.5% over the next 5 years which is 5 times the pace of the City of St. Petersburg.
- Downtown St. Pete office has 3.5 MSF of office space and supports 32.6K mostly white-collar jobs.
- The Historic Gas Plant District is set to break ground in Q4 2024 and is thought to be the largest urban-infill redevelopment project in the U.S. and the largest in Tampa Bay area history. The Hines-Tampa Bay Rays partnership will develop a mix of 8 MSF of entertainment, office, retail, residential, hotel and cultural all situated around the Rays new $1.3 Billion state-ofthe- art stadium. All told the project is expected to bring over $6.5 Billion of new development to the 86-acre ‘Tropicana Field’ site over the next 20 years.
- St. Pete Beach is just 20 minutes outside of downtown St. Pete and is consistently ranked one of the Top 3 Beaches in the country.
- The Pinellas Trail is just 1 mile from the site and includes 45 miles of unobstructed bike trails throughout Pinellas County.
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333 16th Ave SSt. Petersburg, FL 33701
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Listing provided by Revere CRE